ADDITIONAL FINANCIAL & OPERATIONAL DATA Consolidated Statements of Comprehensive Income/(Loss) [as reported] 12 months ended December 31,USD'000, except earnings per share2024 2023 2022 Net sales11,875 30,918 23,814Cost of sales(7,104) (15,754) (13,588)Depreciation of production assets(478) (420) (132)Gross profit4,293 14,744 10,094 Other operating income184 167 2,073Research & development expenses(7,026) (4,398) (3,862)Selling & marketing expenses(8,550) (6,523) (7,275)General & administrative expenses(16,324) (17,290) (11,466)Total operating expenses(31,716) (28,044) (20,530)Operating loss(27,423) (13,300) (10,436) Non-operating income1,629 2,374 3,937Debt conversion expense(32) (562) (827)Interest and amortization of debt discount(1,013) (624) (168)Non-operating expenses(2,018) (3,107) (5,551)Loss before income tax expense(28,857) (15,219) (13,045) Income tax income / (expense)(3,086) (230) 3,238 Loss from continuing operations, net(31,943) (15,449) (9,807) Discontinued operations: Net sales from discontinued operations- - 1,805Cost of sales from discontinued operations- - (978)Total operating and non-operating expenses from discontinued operations- - (5,274)Income tax recovery from discontinued operations- - 25Loss on disposal of a business, net of tax on disposal- - (15,026)Income / (loss) on discontinued operations- - (19,448) Net loss(31,943) (15,449) (29,255) Net loss attributable to noncontrolling interests(18,497) (89) (1,780)Net loss attributable to WISeKey International Holding Ltd(13,446) (15,360) (27,475) Earnings per Class A Share (USD) Earnings per Class A Share from continuing operations Basic(0.92) (0.50) (0.44)Diluted(0.92) (0.50) (0.44)Earnings per Class A Share from discontinued operations Basic- - (0.87)Diluted- - (0.87) Earning per Class A Share attributable to WISeKey International Holding Ltd Basic(0.39) (0.51) (1.22)Diluted(0.39) (0.51) (1.22) Earnings per Class B Share (USD) Earnings per Class B Share from continuing operations Basic(9.17) (5.01) (4.36)Diluted(9.17) (5.01) (4.36)Earnings per Class B Share from discontinued operations Basic- - (8.65)Diluted- - (8.65) Earning per Class B Share attributable to WISeKey International Holding Ltd Basic(3.86) (5.06) (12.22)Diluted(3.86) (5.06) (12.22) Other comprehensive income / (loss), net of tax: Foreign currency translation adjustments287 (842) (1,434)Reclassifications out of the OCI arising during period- - 1,156 Defined benefit pension plans: Net gain (loss) arising during period(1,206) (1,151) 2,934Other comprehensive income / (loss)(919) (1,993) 2,656 Comprehensive income / (loss)(32,862) (17,442) (26,599) Other comprehensive income / (loss) attributable to noncontrolling interests(28) (99) (964)Other comprehensive income / (loss) attributable to WISeKey International Holding Ltd(891) (1,894) 3,620 Comprehensive income / (loss) attributable to noncontrolling interests(18,525) (188) (2,744)Comprehensive income / (loss) attributable to WISeKey International Holding Ltd(14,337) (17,254) (23,855) The notes are an integral part of our consolidated financial statements.
Consolidated Balance Sheets [as reported] As at December 31, As at December 31,USD'0002024 2023 ASSETS Current assets Cash and cash equivalents90,600 15,311Accounts receivable, net of allowance for credit losses4,285 5,471Notes receivable, current13 63Inventories1,418 5,230Prepaid expenses1,364 1,290Government assistance2,247 1,718Other current assets573 1,008Total current assets100,500 30,091 Noncurrent assets Notes receivable, noncurrent32 -Deferred income tax assets- 3,077Deferred tax credits250 15Property, plant and equipment net of accumulated depreciation3,275 3,392Intangible assets, net of accumulated amortization96 96 Operating lease right-of-use assets1,502 2,052Goodwill8,317 8,317Equity securities, at cost455 486Other noncurrent assets261 275Total noncurrent assets14,188 17,710TOTAL ASSETS114,688 47,801 LIABILITIES Current Liabilities Accounts payable13,496 12,863Notes payable5,900 4,085Indebtedness to related parties, current78 79Convertible note payable, current9 190Deferred revenue, current93 217Current portion of obligations under operating lease liabilities607 638Income tax payable2 4Other current liabilities1,135 832Total current liabilities21,320 18,908 Noncurrent liabilities Bonds, mortgages and other long-term debt102 1,820Convertible note payable, noncurrent- 1,519Deferred revenue, noncurrent21 24Indebtedness to related parties, noncurrent1,387 -Operating lease liabilities, noncurrent853 1,443Employee benefit plan obligation3,877 3,001Other noncurrent liabilities4 2Total noncurrent liabilities6,244 7,809TOTAL LIABILITIES27,564 26,717 Commitments and contingent liabilities SHAREHOLDERS' EQUITY Common stock - Class A16 400 Par value – CHF 0.01 and CHF 0.25 Authorized - 2,000,880 and 2,000,880 shares Issued and outstanding - 1,600,880 and 1,600,880 shares Common stock - Class B359 8,170 Par value – CHF 0.10 and CHF 2.50 Authorized - 6,194,267 and 6,194,267 Issued - 3,365,560 and 3,076,150 Outstanding - 3,309,052 and 2,954,097 Share subscription in progress1 -Treasury stock, at cost (56,508 and 122,053 shares held)(502) (691)Additional paid-in capital316,431 289,448Accumulated other comprehensive income / (loss)3,150 4,041Accumulated deficit(294,407) (280,961)Total shareholders' equity attributable to WISeKey shareholders25,048 20,407Noncontrolling interests in consolidated subsidiaries62,076 677Total shareholders' equity 87,124 21,084TOTAL LIABILITIES AND EQUITY 114,688 47,801 The notes are an integral part of our consolidated financial statements.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include WISeKey’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; the growth of the post-quantum cryptography market; the adoption by developers and customers of quantum computing; the successful launch our post-quantum chips; our ability to sell post-quantum cryptography products to consumers; our ability to develop NIST-approved algorithms for our post-quantum semiconductor technologies; our ability to expand our chip personalization services; our ability to derive consolidated revenue from our planned investments; growth in our cybersecurity certificate and managed PKI services and acquisitions; our ability to expand our Semiconductor personalization and design facilities and semiconductor production; our ability to grow our U.S., Middle East and Asia-Pacific market presence; our ability to expand our Trust services; our development and tokenization of WISe.
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Author / Journalist: Wisekey International Holding Ltd.
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